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Introduction to Finance 101. Course Outline. Philosophy. “ Banks operate for the aim of generating profits while credit unions are non-profit community-based institutions.”. History. Banks predate credit unions significantly .

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Introduction to finance 101

Introduction to

Finance 101

Presented by Astera Credit Union

Course outline
Course Outline

Presented by Astera Credit Union


“Banksoperate for the aim of generating profits while credit unionsare non-profit community-based institutions.”

Presented by Astera Credit Union

Introduction to finance 101


Banks predate credit unions significantly.

Credit Unions were initially established in the 19th century as workers’ cooperatives. They were designed to allow coworkers to help each other with financial problems.

Presented by Astera Credit Union

What is a co op
What is a Co-Op?

A cooperative is a collaboration of individuals or businesses that work to gain benefit through numbers.

  • Co-Ops are not charities. They are nonprofits.

  • Co-Ops are jointly owned and controlled.

  • Co-Ops can be found in all industries and in all geographic areas.

Presented by Astera Credit Union

Joining a bank or cu
Joining a Bank or CU

Banks do not have membership requirements

  • However, most banks require minimum deposits

  • CUs have membership requirements. Typical criteria are:

  • Occupation

  • Relatives

  • Place of residence, worship or work

  • School

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Bank Board of Directors

CU Board of Directors

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Technology services
Technology Services

  • The digital gap between CUs and banks is rapidly decreasing as many credit unions offer services such as:

    • Online Banking

    • Mobile Banking

    • Mobile Apps

    • Text-based Banking

  • However, it is always wise to verify with your financial institution, especially when considering smaller CUs.

Presented by Astera Credit Union

Account checklist
Account Checklist

Make sure the financial institution you choose to do business with is federally insured by either the NCUA (credit unions) or the FDIC (banks).

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Questions? #AskAstera or AsteraCU

Shawnna: 517-321-8392

Presented by Astera Credit Union